Singapore police and seven cryptocurrency exchanges, including Coinbase, prevented $4.2 million in scam losses and reached more than 145 potential victims during a six-week operation, according to an announcement by Coinbase Singapore.
Officers used blockchain analysis to identify victims before funds transferred out of their accounts. The exchanges provided customer information, which enabled police to conduct over 145 targeted interventions by phone and in-person contact. Participating platforms were Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit.
Blockchain analysis was performed by the Singapore Police Force in coordination with analytics firms Chainalysis and TRM Labs. The operation ran for six weeks and targeted scams tied to investment fraud, romance schemes and impersonation of government officials, according to Singapore Police Force announcements.
The exchanges' role extended beyond flagging suspicious transactions. By sharing customer data directly with law enforcement, the platforms enabled police to reach victims before attackers could move funds across multiple addresses or withdraw to other services. No charges or arrests were announced in connection with the operation.